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An arbitration award is legally binding on both sides and enforceable in local courts, unless all parties stipulate that the arbitration process and decision are non-binding. [ 2 ] Arbitration is often used for the resolution of commercial disputes, particularly in the context of international commercial transactions .
Arbitration, in the context of the law of the United States, is a form of alternative dispute resolution.Specifically, arbitration is an alternative to litigation through which the parties to a dispute agree to submit their respective evidence and legal arguments to a third party (i.e., the arbitrator) for resolution.
In contract law, an arbitration clause is a clause in a contract that requires the parties to resolve their disputes through an arbitration process. Although such a clause may or may not specify that arbitration occur within a specific jurisdiction, it always binds the parties to a type of resolution outside the courts, and is therefore considered a kind of forum selection clause.
An arbitrary legal judgment is a decision made at the discretion of the judge, not one that is fixed by law. [7] [1] In some countries, a prohibition of arbitrariness is enshrined into the constitution. Article 9 of the Swiss Federal Constitution theoretically overrides even democratic decisions in prohibiting arbitrary government action. [8]
Most arbitration clauses will provide a nominated person or body to select a sole arbitrator if the parties are unable to agree (for example, the President of the relevant jurisdiction's Bar Association, or a recognised professional arbitration organisation such as the LCIA, or a relevant professional organisation). In default of such a ...
In 1974 Major League Baseball introduced what is now known as “baseball arbitration.” If a player’s representative and the club ownership cannot reach a salary agreement through negotiation ...
Arbitration is particularly popular as a means of dispute resolution in the commercial sphere (for a summary of the various arenas in which arbitration is usually chosen, see the specific article on "arbitration"). One of the reasons for doing so is that, in international trade, it is often easier to enforce an arbitration award in a foreign ...
Methods of dispute resolution include: lawsuits (litigation) (legislative) [5]; arbitration; collaborative law; mediation; conciliation; negotiation; facilitation; avoidance; One could theoretically include violence or even war as part of this spectrum, but dispute resolution practitioners do not usually do so; violence rarely ends disputes effectively, and indeed, often only escalates them.
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